HCI Webinar Recap: Hypernomics and Improving Our Understanding of Markets and Decision-Making Processes, with Doug Howarth

In the latest HCI Webinar, Dr. Jonathan H. Westover talks with Doug Howarth about hypernomics and improving our understanding of markets and decision-making processes. Below is a summary of the main points from their conversation! Check out the full episode and let us know what you think!

Watch the episode here:

Quick Recap

Doug and Jonathan discussed the concept of hypernomics, a study of market actions across four or more dimensions, and its potential applications in decision-making processes. They explored the limitations of traditional 2D and 3D thinking in economics and the need to move beyond simplified assumptions in decision-making. The conversation also touched on the potential of hypernomics to become a subdiscipline and its application in business and government decision-making, as well as its potential impact on sports, specifically in the NFL.

Hypernomics: Multidimensional Market Analysis

Doug and Jonathan discussed the concept of hypernomics, a study of market actions across four or more dimensions. Doug, who had been exposed to 2D and 3D coordinate systems at a young age, had been searching for a plotting system that could handle more dimensions. After a kidney transplant, he realized that people were subconsciously evaluating purchases across multiple dimensions, leading him to found Hypernomics, Inc. The conversation will delve deeper into the statistical aspects of hypernomics and its potential applications in decision-making processes.

Hypernomics: Beyond Traditional Decision-Making

Doug and Jonathan discussed the limitations of traditional 2D and 3D thinking in decision-making, particularly in economics. They explored the concept of hypernomics, which offers a more comprehensive approach to problem-solving. Doug shared his experience with his wife's search for a new washing machine, highlighting the complexity of decision-making when considering factors like capacity, cycles, price, and quantity. They concluded that these factors represent a four-dimensional problem, emphasizing the need to move beyond simplified assumptions in decision-making.

Plotting Multiple Dimensions in Economics

Doug and Jonathan discussed the concept of plotting multiple dimensions in economics, with Doug explaining his system that can plot 16 dimensions at once using real market data. Jonathan shared his experience with a similar model in his dissertation, but faced criticism for its complexity. They agreed that considering more dimensions can lead to a deeper understanding of complex issues, but also acknowledged the challenge of communicating such ideas.

Hypernomics in Market Analysis and Decision-Making

Doug discussed the application of hypernomics in market analysis, using the example of a company's attempt to build a supersonic business jet. He explained how hypernomics can help identify market limits and predict potential failures. Jonathan then asked Doug to elaborate on how hypernomics can be used for better decision-making in various fields, including manufacturing and financial markets. Doug responded by explaining how hypernomics can help identify gaps in the market and suggest new products or services to fill those gaps. He also mentioned the importance of considering physical locations in business decisions.

Hypernomics in Business and Government

Doug and Jonathan discussed the potential of hypernomics to become a subdiscipline and its application in business and government decision-making. Doug shared his experience with Lockheed Martin, highlighting the importance of understanding market dynamics and the potential for cost savings. He emphasized the need for data-driven decision-making and the importance of considering adjacent markets. Jonathan drew parallels with the application of economics in baseball operations, suggesting the potential for more complex analytics in various fields.

NFL Player Speed and Salary

Doug discussed the potential impact of data analysis on sports, specifically in the NFL. He shared an example of how a player's speed could affect their earnings, suggesting that a small improvement in speed could lead to a significant increase in salary. Doug also mentioned the possibility of using this analysis to help high school and college players improve their chances of getting drafted into the NFL. He expressed regret that he had not known about this approach during his own high school football career.

Doug's Software and Keynote Presentations

Doug shared his company's software and his personal website, where he offers keynote presentations and lectures. He also mentioned his book, "Hypernomics: Using Hidden Dimensions to Solve Unseen Problems," which can be found on Amazon or Barnes & Noble. Doug encouraged the audience to reach out to him for more information.

Listen to the webinar here: